Euler's identity can be applied to convert phasor equations into time-domain functions, resulting in v(t) = 20V cos(wt - 60°) and i(t) = 0.5A cos(wt - 30°). To find the instantaneous power p(t), multiply v(t) and i(t). The cosine identity provided simplifies the multiplication, where A = wt - 60° and B = wt - 30°. Using the identity, p(t) can be expressed as a combination of cosine functions. This approach effectively demonstrates the relationship between voltage, current, and power in AC circuits.